- Strategists are generally optimistic about 2024, especially those at BMO Capital Markets.
- The firm predicts that US stocks will rise at least 11% in the second year of the bull market.
- Here are 16 US-based companies that BMO says are standing out right now.
US stocks have exceeded all expectations this yearand history says investors should prepare for an impressive encore in 2024 that includes new all-time highs.
The S&P 500 is up 19% year to date through November and will end the year up 16% or more. for the fifth time in seven yearsexcept for a strong sell-off at the end of the year.
According to BMO Capital Markets, double-digit market returns are expected next year. The $861 billion company found that the index tends to rise an average of 11.1% in the second year of a bull market, according to data from 14 such events dating back to 1946.
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Fittingly, BMO is asking for a profit of just over 11% in 2024, as his S&P 500 year-end price target of 5,100 implies. But if all goes well, chief investment strategist Brian Belski believes U.S. stocks could repeat their strong performance this year by rising another 20%. to 5,500.
While it is impossible to rule out a repeat of 2022, in which the S&P 500 hit a high of 4,796 in its first session before recording its worst year since 2008, Many strategists believe that next year will be positive. for US stocks. Right now, the S&P 500 is just 5% away from hitting a new all-time high.
16 Stocks to Own Now
After revealing its 2024 outlook in late November, Belski updated BMO's investment strategy portfolios in a Dec. 1 note. These groups of US and Canadian stocks are not necessarily purchase recommendations, but rather ideas to consider based on one's investment strategy.
Below are 16 stocks that were recently added to one of BMO's US-focused model portfolios along with the ticker symbol, market capitalization, and the group or groups to which each company belongs.
